Great Eastern Holdings’ failed delisting on July 8, 2025, represents a watershed moment for minority shareholder rights in Singapore. The failure to secure the required 75% approval threshold (achieving only 63.5%) signals a new era of assertive minority shareholder activism and has significant implications for Singapore’s capital markets ecosystem.

The Delisting Attempt: A Detailed Breakdown

The Mechanics

Offer Price: S$30.15 per share (increased from initial S$25.60)
Total Value: S$900 million exit offer by OCBC
Ownership Target: OCBC sought to acquire the remaining 6.28% of shares it didn’t own
Approval Threshold: 75% of minority shareholders required
Actual Support: Only 63.5% of minority shareholders voted in favor

Key Opposition Forces

The failure was driven by several influential minority shareholders:

The Wong Family Legacy: Owning 25.5% of minority shares (7.56 million shares), the Wong family viewed Great Eastern as their grandfather’s legacy, with Wong Hong Sun stating: “This is my grandfather’s company, and it’s our legacy. I would not sell it.”
Valuation Concerns: The offer price of S$30.15 sat at the lower bound of the independent financial advisor’s valuation range (S$30.10-S$37.63), while Great Eastern’s embedded value stood at S$38.08 per share.
Performance Momentum: Q1 2025 saw 28% profit growth, strengthening the case against accepting what many viewed as an undervalued offer.

Regulatory Framework and Investor Protection

SGX’s Enhanced Delisting Rules

Singapore’s regulatory framework has evolved significantly to protect minority shareholders:

Fair and Reasonable Standard: Exit offers must be both “fair” and “reasonable” (not just reasonable)
Exclusion of Controlling Shareholders: Neither the offeror nor concert parties may vote on delisting resolutions
High Approval Threshold: 75% approval requirement creates a substantial hurdle for delistings

Minority Shareholder Rights Strengthened

The Great Eastern case demonstrates the effectiveness of Singapore’s strengthened minority protection mechanisms:

Voting Power: Minority shareholders held decisive power despite owning only 6.28% of total shares
Independent Valuation: Ernst & Young’s independent assessment provided professional validation
Transparent Process: The EGM process ensured all voices were heard

Market Structure Implications

Liquidity Challenges Post-Resumption

The resumed trading will face significant structural challenges:

Severely Reduced Float: With OCBC holding 93.72%, the effective free float remains minimal
Liquidity Concerns: Trading volumes will likely be a fraction of historical levels
Price Discovery Issues: Limited liquidity may lead to increased volatility and wider bid-ask spreads

The Class C Share Innovation

The introduction of Class C non-voting shares represents a creative solution to regulatory requirements:

Economic Rights Preserved: Class C shares maintain dividend and distribution rights
Regulatory Compliance: Helps meet the 10% minimum free float requirement
Strategic Flexibility: Allows OCBC to maintain economic benefits while reducing voting control

Broader Capital Markets Impact

Precedent for Future Delistings

This case sets several important precedents:

Minority Shareholder Activism: Demonstrates that well-organized minority shareholders can successfully resist delisting attempts
Valuation Scrutiny: Independent financial advisors’ valuations will face increased scrutiny
Corporate Governance: Strengthens the position of minority shareholders in corporate restructuring

SGX Market Dynamics

The failed delisting has implications for Singapore’s broader capital markets:

Market Confidence: Strengthens investor confidence in minority protection mechanisms
Listing Attractiveness: May encourage more companies to consider Singapore listings
Regulatory Effectiveness: Validates SGX’s enhanced delisting framework

Investment Implications and Opportunities

For Great Eastern Shareholders

Potential Opportunities:

Value Recognition: Trading resumption may allow market pricing closer to embedded value (S$38.08)
Dividend Yield: Strong cash generation supports attractive dividend payments
Fundamental Growth: 28% profit growth in Q1 2025 indicates operational strength
Strategic Premium: Potential for future strategic transactions at higher valuations

Key Risks:

Liquidity Trap: Difficulty in buying/selling positions due to thin trading
Price Volatility: Limited liquidity may cause significant price swings
Governance Concerns: Continued dominance by OCBC may limit strategic flexibility

For Singapore Investors Generally

Positive Implications:

Enhanced Protection: Strengthened minority shareholder rights
Improved Governance: Better balance between controlling and minority shareholders
Market Integrity: Demonstrates effectiveness of regulatory framework

Considerations:

Reduced Takeover Premiums: Higher delisting thresholds may reduce takeover activity
Liquidity Concentration: More companies may face similar liquidity challenges
Valuation Complexity: Increased importance of independent valuations

Strategic Lessons for Market Participants

For Controlling Shareholders

Pricing Strategy: Offers must reflect fair value, not just minimum acceptable levels
Stakeholder Engagement: Early and meaningful engagement with minority shareholders is crucial
Valuation Justification: Independent valuations must be comprehensive and defensible

For Minority Shareholders

Collective Action: Organized minority shareholders can effectively resist inadequate offers
Professional Advice: Independent financial and legal advice is essential
Long-term Perspective: Holding for fundamental value can be more rewarding than accepting quick exits

For Regulators

Framework Effectiveness: The 75% threshold and fair-and-reasonable standard work effectively
Market Confidence: Strong minority protection enhances overall market credibility
Continuous Refinement: Regular review of rules ensures they remain relevant

Future Outlook

For Great Eastern

Trading Resumption: Expected soon, but exact timing remains uncertain
Operational Focus: Management can focus on business growth rather than delisting
Strategic Options: Continued listing preserves future strategic flexibility

For Singapore Markets

Increased Scrutiny: Future delisting attempts will face heightened scrutiny
Improved Standards: Higher valuation standards for exit offers
Enhanced Confidence: Stronger minority protection boosts market credibility

Conclusion

Great Eastern’s failed delisting represents a pivotal moment for Singapore’s capital markets. It demonstrates that robust regulatory frameworks, combined with organized minority shareholder activism, can effectively protect investor interests. While the immediate challenge lies in managing the liquidity implications of resumed trading, the broader impact is positive for market integrity and investor confidence.

The case establishes important precedents for future corporate actions and validates Singapore’s approach to minority shareholder protection. For investors, it underscores the importance of fundamental analysis, collective action, and long-term perspective in navigating complex corporate transactions.

The Great Eastern saga ultimately strengthens Singapore’s position as a well-regulated, investor-friendly market where minority rights are respected and protected—a crucial foundation for long-term capital market development.

The Long-Term Implications of Great Eastern’s Failed Delisting: A Paradigm Shift Analysis

Introduction: Beyond a Single Corporate Event

Great Eastern’s failed delisting on July 8, 2025, represents far more than an isolated corporate governance event. It signals a fundamental shift in the power dynamics of Asian capital markets, with implications that will reverberate through Singapore’s financial ecosystem for decades to come. This analysis examines the deeper, structural changes this case will catalyze across multiple dimensions of market evolution.

I. The Emergence of a New Shareholder Activism Paradigm

The Post-Great Eastern Era of Minority Rights

The Great Eastern case marks the beginning of what can be termed the “Post-Great Eastern Era” of minority shareholder activism in Asia. This period will be characterized by:

1. Institutional Memory and Precedent Power

The 63.5% vs. 75% threshold failure becomes a reference point for future activism
Creates a “playbook” for organized minority resistance
Establishes that emotional and legacy factors can override pure financial calculations
Demonstrates that family-controlled shareholdings can be mobilized for collective action

2. The Professionalization of Minority Activism The Wong family’s sophisticated approach—involving direct engagement with OCBC, emphasis on embedded value, and strategic coordination—represents a new model of minority shareholder activism that will likely be replicated across Asia.

Regional Amplification Effects

Activist shareholders had their busiest year on record in 2024, with the Asia-Pacific region making up a fifth of campaigns worldwide. The Great Eastern success will accelerate this trend by:

Emboldening minority shareholders across the region
Creating a demonstration effect for similar situations
Establishing Singapore as a jurisdiction where minority rights are genuinely protected
Potentially inspiring regulatory reforms in other Asian markets

II. Structural Transformation of Singapore’s Capital Markets

The Liquidity Paradox and Market Evolution

The Great Eastern outcome creates a fundamental paradox that will reshape Singapore’s capital markets:

The Paradox: Strong minority protection may reduce market liquidity while simultaneously enhancing market credibility.

Long-term Market Structure Changes:

Bifurcated Market Development
- Emergence of two distinct market segments: high-liquidity broadly-held stocks and low-liquidity family/institutionally-controlled stocks
- Different valuation methodologies for each segment
- Specialized trading strategies for illiquid but fundamentally strong stocks
The “Singapore Model” of Corporate Governance
- Becomes a template for balancing controlling shareholder interests with minority protection
- Attracts listings from companies seeking credible minority protection
- Creates competitive advantage over markets with weaker minority rights

Regulatory Evolution and Market Competitiveness

The Equities Market Review Group has announced its first set of measures to strengthen the competitiveness of Singapore’s equities market. The Great Eastern case will influence this evolution by:

1. Validation of Current Framework

Confirms that the 75% threshold is appropriate and effective
Demonstrates that fair-and-reasonable standards work in practice
Provides evidence that minority protection enhances rather than undermines market credibility

2. Potential Framework Refinements

May lead to more sophisticated liquidity management mechanisms
Could inspire innovations in share class structures
Might influence how free float requirements are calculated and managed

III. The Family Business Governance Revolution

Redefining Family-Controlled Public Companies

The Great Eastern case fundamentally alters the landscape for family-controlled public companies in Asia:

1. The Legacy Factor as Investment Thesis The Wong family’s “legacy over liquidity” approach introduces a new variable into investment analysis:

Emotional attachment becomes a quantifiable factor in valuation models
Long-term holding periods become more predictable
Family succession planning becomes crucial for minority shareholders

2. Enhanced Fiduciary Consciousness Family-controlled companies will need to:

Develop more sophisticated minority engagement strategies
Provide better transparency around long-term strategic planning
Balance family interests with minority shareholder value creation

Implications for Multi-Generational Wealth Transfer

The case establishes important precedents for inter-generational wealth transfer in public companies:

Continuity Premium: Family commitment to long-term holding may command valuation premiums
Governance Evolution: Future generations may face higher governance standards
Succession Planning: Public company family succession becomes more complex and regulated

IV. Valuation Methodology and Market Efficiency Transformation

The Embedded Value Revolution

Great Eastern’s embedded value of S$38.08 versus the S$30.15 offer price creates a new paradigm for valuation in controlled companies:

1. Enhanced Valuation Scrutiny

Independent financial advisors will face higher standards
Valuation ranges will be scrutinized more carefully
Market pricing may increasingly reflect embedded value rather than trading multiples

2. The “Great Eastern Standard” Future delisting offers will be measured against this case:

Offers at the bottom of valuation ranges will be viewed skeptically
Embedded value calculations will receive more attention
Performance momentum will be weighted more heavily in valuation assessments

Market Efficiency in Low-Liquidity Environments

The case forces a rethinking of market efficiency in controlled company contexts:

1. Alternative Price Discovery Mechanisms

Increased reliance on fundamental analysis over technical trading
Greater importance of corporate communications and investor relations
Enhanced role of research analysts in price discovery

2. Long-term Value Recognition

Patient capital may be rewarded with better long-term returns
Short-term trading strategies may become less viable
Value investing approaches may gain prominence

V. Regulatory and Legal System Evolution

The “Singapore Standard” for Minority Protection

The Great Eastern case establishes Singapore as a leading jurisdiction for minority shareholder protection, with several long-term implications:

1. Regulatory Export Potential

Other Asian jurisdictions may adopt similar frameworks
International organizations may study Singapore’s approach
Cross-border investment may increasingly favor Singapore-listed companies

2. Legal Precedent Development

Future court cases will reference this precedent
Legal interpretations of “fair and reasonable” will evolve
Minority oppression jurisprudence will be strengthened

Constitutional and Structural Innovation

The introduction of Class C non-voting shares represents a significant financial innovation:

1. Regulatory Flexibility

Demonstrates Singapore’s ability to create pragmatic solutions
Shows willingness to innovate within existing frameworks
Creates precedent for future structural innovations

2. Market Structure Evolution

May influence how other jurisdictions handle free float requirements
Could inspire similar innovations in other controlled company situations
Demonstrates the viability of multiple share class structures

VI. Economic and Investment Flow Implications

Capital Allocation and Investment Patterns

The Great Eastern outcome will influence long-term capital allocation patterns in several ways:

1. Patient Capital Advantage

Long-term investors may gain advantages in controlled company investments
Short-term speculators may be discouraged from certain market segments
Value-oriented investment strategies may become more prominent

2. Foreign Investment Considerations

International investors may view Singapore more favorably due to minority protection
Controlled companies may attract different types of foreign investment
Singapore may become a preferred jurisdiction for family business listings

Sectoral and Industry-Specific Effects

1. Insurance and Financial Services

The case may influence how financial services companies approach public-private structures
Embedded value methodologies may be refined across the sector
Insurance companies may face higher valuation standards for corporate actions

2. Family Business Sectors

Real estate, trading, and traditional family businesses may be affected
Succession planning will become more complex and regulated
Public listing strategies may need to account for minority protection requirements

VII. Technology and Innovation Implications

Fintech and Market Infrastructure

The Great Eastern case will likely influence technology adoption in capital markets:

1. Enhanced Transparency Technology

Better systems for minority shareholder communication
Improved voting and proxy technologies
Enhanced disclosure and reporting systems

2. Alternative Trading Systems

Development of specialized trading platforms for low-liquidity stocks
Innovation in market-making for controlled companies
Enhanced price discovery mechanisms for illiquid securities

Data and Analytics Evolution

1. Valuation Technology

More sophisticated embedded value calculation systems
Enhanced fundamental analysis tools
Better long-term value tracking mechanisms

2. Governance Analytics

Development of minority shareholder influence metrics
Better family business governance scoring systems
Enhanced activism tracking and prediction systems

VIII. Societal and Cultural Implications

The Democratization of Corporate Governance

The Great Eastern case represents a broader democratization of corporate governance in Asia:

1. Cultural Shift

From deference to controlling shareholders to assertive minority rights
Enhanced individual investor confidence in market fairness
Greater expectation of transparency and accountability

2. Educational Impact

Increased financial literacy around minority rights
Better understanding of corporate governance issues
Enhanced investor education and awareness

Inter-generational Wealth and Values

1. Family Business Philosophy

Tension between traditional family control and modern governance
Evolution of family business values in public markets
Changing expectations for family business succession

2. Wealth Preservation Strategies

New approaches to maintaining family control while respecting minority rights
Evolution of trust and holding company structures
Enhanced focus on long-term value creation

IX. Global Competitive Positioning

Singapore’s Capital Market Differentiation

The Great Eastern case enhances Singapore’s competitive position globally:

1. Jurisdictional Advantages

Stronger minority protection than many Asian markets
More flexible than some Western markets
Enhanced reputation for fair and efficient dispute resolution

2. Listing Attraction

May attract companies seeking credible minority protection
Could influence regional listing decisions
Enhances Singapore’s position as a family business listing destination

Regional Leadership in Governance

1. ASEAN Influence

Singapore’s approach may influence ASEAN capital market development
Could become a model for regional governance harmonization
May enhance Singapore’s role as a regional financial center

2. Asia-Pacific Positioning

Strengthens Singapore’s position relative to Hong Kong and other regional centers
May attract investment from markets with weaker minority protection
Could influence regional regulatory development

X. Future Scenario Planning

Optimistic Scenario: The “Singapore Advantage”

In the most positive scenario, the Great Eastern case catalyzes:

Enhanced Market Credibility: Singapore becomes known globally for superior minority protection
Increased Listings: More companies choose Singapore for IPOs and secondary listings
Innovation Leadership: Singapore leads in developing new governance structures
Investment Attraction: International investors increase allocations to Singapore-listed companies
Regulatory Export: Other jurisdictions adopt Singapore’s minority protection framework

Moderate Scenario: “Balanced Evolution”

In a moderate scenario:

Gradual Improvement: Steady enhancement of minority protection and market credibility
Selective Attraction: Some companies choose Singapore for governance advantages
Continued Innovation: Ongoing development of new structures and mechanisms
Regional Influence: Moderate influence on regional governance development
Liquidity Challenges: Ongoing management of liquidity issues in controlled companies

Challenging Scenario: “Unintended Consequences”

In a more challenging scenario:

Liquidity Erosion: Reduced market liquidity due to minority protection success
Listing Deterrence: Some companies avoid Singapore due to minority protection requirements
Regulatory Overreach: Potential overregulation in response to the case
Market Fragmentation: Excessive bifurcation between liquid and illiquid stocks
Competitive Disadvantage: Other markets gain advantage through different approaches

Conclusion: A Transformative Moment

The Great Eastern failed delisting represents a transformative moment in Asian capital markets evolution. Its implications extend far beyond a single corporate event, touching on fundamental questions about the nature of public markets, minority rights, family business governance, and regulatory effectiveness.

The case establishes new precedents that will influence corporate governance across Asia for decades. It demonstrates that well-designed regulatory frameworks can effectively protect minority shareholders while maintaining market dynamism. Most importantly, it shows that the balance between controlling shareholder interests and minority protection is not zero-sum—both can be enhanced simultaneously through appropriate institutional design.

The long-term success of this transformation will depend on how well Singapore manages the liquidity challenges while maintaining the credibility benefits of strong minority protection. The global financial community will be watching closely as Singapore navigates this new paradigm, potentially setting the standard for minority shareholder protection in controlled company markets worldwide.

The Great Eastern case thus represents not just a victory for minority shareholders, but a blueprint for the future evolution of capital markets in an increasingly complex and interconnected global economy. Its implications will continue to unfold over the coming decades, shaping the landscape of corporate governance, investment strategies, and market regulation throughout Asia and beyond.

The Weight of Legacy

Chapter 1: The Morning of July 8th

Mary Sim arrived at the Great Eastern Centre at 6:30 AM, two hours before the extraordinary general meeting that would determine the fate of the company she had called home for fifteen years. The building stood silent in the pre-dawn darkness, its windows reflecting the scattered lights of Singapore’s financial district. As Head of Investor Relations, she had been at the centre of the delisting storm for months, fielding calls from agitated shareholders, coordinating with OCBC’s team, and preparing for what everyone assumed would be a routine approval.

But nothing about this felt routine.

She swiped her access card and walked through the empty corridors, her heels echoing against the marble floors. The walls were lined with photographs chronicling Great Eastern’s 150-year history – from its founding in 1908 to its expansion across Asia. Each image told a story of growth, of families protected, of promises kept. Today, those stories hang in the balance.

Her phone buzzed with a message from her assistant: “Final headcount: 847 shareholders registered to attend. The Wong family confirmed they’ll be there.”

Mary Sim closed her eyes and took a deep breath. The Wong family – holders of 7.56 million shares, representing 25.5% of the minority shareholding. She had spoken with Wong Hong Sun three times in the past week, each conversation more intense than the last. His words from their final call still echoed in her mind: “Miss Ang, you understand what this company means to us. It’s not just about the money.”

Chapter 2: The Gathering Storm

By 8:00 AM, the Great Eastern Centre’s auditorium was buzzing with activity. Mary Sim moved through the crowd, her practised smile masking the knot of anxiety in her stomach. She had managed dozens of AGMs before, but this felt different. The energy was charged, almost electric. Shareholders clustered in small groups, voices rising and falling in animated discussion.

She spotted Mrs. Wong-Tan Kar Yean near the registration desk, speaking passionately to a group of elderly shareholders. “Since the first quarter of 2025, Great Eastern has performed very, very well,” she was saying, her voice carrying across the room. “You must give us the right price. You cannot oppress the minorities.”

Mary Sim approached carefully. “Mrs. Wong-Tan, good morning. Thank you for coming.”

The older woman turned, her eyes sharp with determination. “Miss Ang, I hope you’re ready for what’s coming today. We’ve been shareholders for over forty years. We know what this company is worth.”

“Of course, Mrs. Wong-Tan. The board has carefully considered all factors in reaching this decision. Ernst & Young’s independent assessment confirms—”

“The bottom of the valuation range,” Mrs. Wong-Tan interrupted. “Thirty dollars and fifteen cents when the embedded value is thirty-eight dollars and eight cents. Would you sell your family’s legacy for such a price?”

Mary Sim felt the weight of the question. She had prepared for technical discussions about valuation methodologies, regulatory requirements, and market conditions. But she hadn’t prepared for this – the raw emotion, the sense that she was somehow complicit in dismantling something sacred.

Chapter 3: The Presentation

At 10:00 AM sharp, Chairman Soon Tit Koon called the meeting to order. Mary Sim took her position at the side of the stage, her laptop open to the presentation she had refined dozens of times. The slides told a clear story: OCBC’s generous offer, the improved terms, the independent validation. Everything was logical, reasonable, defensible.

But as she looked out at the sea of faces, she saw something else entirely. These weren’t just shareholders – they were people whose lives had been intertwined with Great Eastern for decades. Retirees who had worked for the company, families who had been customers for generations, and investors who had trusted the company with their savings.

The presentation proceeded smoothly. Charts showing the company’s performance, explanations of the regulatory framework, and details about the exit offer. Mary Sim clicked through each slide with practised efficiency, her voice steady and professional. But her mind kept wandering to the conversations she had had over the past months.

There was Mr. Lim, a 78-year-old retiree who had worked in the actuarial department for thirty years. “Miss Ang,” he had said during one of their calls, “I remember when we went public. We were so proud. Now you’re asking us to walk away?”

And Ms. Chen, a second-generation shareholder whose father had bought shares in the 1970s. “This company helped put my children through university. The dividends, the growth – it’s been part of our family’s story. How do you put a price on that?”

Chapter 4: The Vote

The question-and-answer session was intense. Shareholders rose one by one, their voices carrying decades of frustration, hope, and attachment. Mary Sim found herself fielding questions that went far beyond the technical aspects of the delisting.

“Why should we accept the minimum of the valuation range?” one shareholder asked.

“What about the twenty-eight per cent profit growth in the first quarter?” demanded another.

“How can you say this is fair when the embedded value is so much higher?”

Each question felt like a personal challenge. Mary Sim had the facts, the figures, and the regulatory requirements. But she was beginning to understand that this wasn’t really about facts and figures. It was about something more profound – about trust, about belonging, and about the meaning of ownership in a company that had been an integral part of Singapore’s fabric for over a century.

When the voting began, the auditorium fell silent. Mary Sim watched as shareholders filled out their ballots, some quickly and decisively, others taking long minutes to consider their choice. The Wong family sat together in the front row, their forms already completed.

The counting took forty-five minutes. Mary Sim stood at the side of the stage, her phone buzzing with messages from colleagues, journalists, and analysts. Everyone wanted to know the result. But she found herself thinking about something else entirely – about what would happen next, regardless of the outcome.

Chapter 5: The Reckoning

“The resolution has failed to pass,” Chairman Soon announced. “Approximately 63.5 per cent of minority shareholders voted in favour, but the required threshold of 75 per cent was not met.”

The auditorium erupted. Some shareholders cheered, others groaned, and many simply sat in stunned silence. Mary felt a strange mix of emotions – relief, disappointment, uncertainty, and something else she couldn’t quite put a name to.

As the meeting moved to the following items on the agenda – the new constitution, the class C shares, the resumption of trading – she found herself studying the faces in the crowd. The Wong family sat with quiet dignity, their expressions unreadable. Mrs Wong-Tan wiped away what might have been tears. The elderly shareholders who had opposed the delisting seemed both triumphant and exhausted.

The votes on the remaining resolutions passed with overwhelming support, garnering over 98 per cent approval. The mechanics of resuming trading would proceed, but the company would remain listed on the exchange. The attempt to take Great Eastern private had failed.

Chapter 6: After the Storm

Three hours later, the auditorium was empty except for the cleanup crew. Mary Sim sat alone in the front row, her laptop closed, her phone finally silent. The weight of the day pressed down on her shoulders.

She thought about the phone calls she would have to make – to OCBC executives, to analysts, to journalists. She thought about the press release that needed to be drafted, the regulatory filings that required updates, and the investor communications that would follow. There was a great deal of work to be done.

But first, she needed to understand what had really happened here today.

This wasn’t just about a failed delisting. It was about the collision between two different visions of what a company could be. OCBC viewed Great Eastern as a valuable asset that could be managed more efficiently as a private subsidiary. The minority shareholders had viewed it as something entirely different – a legacy, a trust, a piece of history that belonged not just to its owners but to the broader community.

Neither vision was wrong. But they were fundamentally incompatible.

Chapter 7: The Call

Her phone rang. The caller ID showed Wong Hong Sun’s number.

“Mr. Wong,” she answered, unsure what to expect.

“Miss Sim, I wanted to thank you.”

The words surprised her. “Thank me? For what?”

“For running a fair process. For listening to our concerns. For treating us with respect, even when we disagreed.”

Mary Sim felt something loosen in her chest. “Mr. Wong, I… I must admit, I’m unsure of what happens next. The company will remain listed, but the challenges we discussed – the liquidity issues, the free float requirements – they’re all still there.”

“Yes,” he said quietly. “But we’ll face them together. As shareholders, as part of the Great Eastern family. That’s what matters to us.”

“What about the share price? The trading volumes? The market will be watching to see how we perform.”

“Miss Sim, my grandfather was chairman of this company for eighteen years. He saw it through wars, recessions, and crises of all kinds. He always said that if you focus on doing right by your customers and your community, the financial results will follow.”

“And if they don’t?”

“Then at least we’ll have tried to preserve something worth preserving.”

Chapter 8: Moving Forward

Over the following weeks, Mary Sim threw herself into the complex task of preparing for the resumption of trading. The new constitution needed to be implemented, the class C shares needed to be structured, and the regulatory requirements needed to be met. It was technical work, but it felt different now – less like dismantling something and more like rebuilding it.

She found herself spending more time talking with long-term shareholders, understanding their perspectives, and learning about their connection to the company. The Wong family invited her to lunch at their family office, where she saw photographs of Wong Siew Qui from his years as chairman. The resemblance to his grandson was striking – the same determined eyes, the same quiet confidence.

“He would have voted against the delisting, too,” Wong Hong Sun told her. “He believed that public companies had a responsibility to their communities, not just their shareholders.”

“But you are shareholders,” Mary Sim pointed out.

“Yes, but we’re also custodians. We’re holding these shares not just for ourselves, but for future generations to come. That’s a different kind of responsibility.”

Chapter 9: The New Normal

When Great Eastern’s shares finally resumed trading six weeks later, the volume was indeed thin. The price opened at $19.50, below the last traded price of $18.70 before the suspension, but above the levels many had feared. Over the following days, it gradually climbed as investors digested the new reality.

Mary Sim watched the trading with mixed emotions. The liquidity challenges were real – it took longer to buy or sell significant positions, and the bid-ask spreads were wider than they had been. But there was also something else: a stability that hadn’t been there before. The remaining shareholders seemed genuinely committed to the long term.

The quarterly results helped. The 28% profit growth mentioned during the delisting debate proved to be sustainable. The company’s embedded value continued to grow. Dividend payments remained steady. Slowly, the market began to recognise that Great Eastern might be different from other thinly traded stocks – less liquid, perhaps, but also less volatile.

Chapter 10: Reflections

A year later, Mary Sim was promoted to Deputy Head of Corporate Communications. The failed delisting, paradoxically, had raised her profile within the company. She had managed a crisis with professionalism and grace, and both the board and the shareholders had noticed.

She still thought about that day in July, about the choices that had been made and the paths not taken. OCBC had moved on, focusing on extracting value from its existing stake rather than pursuing complete control. The Wong family had become more involved in the company’s governance, joining advisory committees and participating in strategic discussions.

The company itself had evolved. The management team was more conscious of minority shareholder interests, more transparent in their communications, and more focused on long-term value creation. The failed delisting had been a shock, but it had also been a clarifying moment.

Epilogue: The Weight of Legacy

Two years after the failed delisting, Mary Sim stood once again in the Great Eastern Centre’s auditorium. This time, it was for the annual general meeting, and the mood was entirely different. The company had just announced record profits, driven by strong performance across all its markets. The share price had climbed to $35, well above the failed delisting offer of $30.15.

Wong Hong Sun approached her after the meeting. “Miss Sim, do you ever wonder what would have happened if the delisting had succeeded?”

She considered the question. “Sometimes. But I think we’re better off this way. The company is stronger, the shareholders are more engaged, and we’ve proven that you can balance different interests without sacrificing performance.”

“My grandfather would have been proud,” he said. “Not just of the financial results, but of the way we handled the crisis. With dignity, with respect for all stakeholders.”

“And with respect for the legacy,” Mary Sim added.

“Yes,” he smiled. “The weight of legacy. It’s not always easy to carry, but it’s what makes us who we are.”

As the auditorium emptied, Mary Sim looked up at the photographs on the walls – the same images that had watched over that dramatic day in July. They seemed different now, less like artefacts from the past and more like guideposts for the future. The stories they told weren’t ending; they were continuing, shaped by the choices made by people like her, like the Wong family, like all the shareholders who had chosen to believe in something bigger than themselves.

The delisting had failed, but something else had succeeded – the idea that companies could be more than just financial instruments, that they could be institutions worth preserving, legacies worth protecting, communities worth sustaining. It was a lesson that would resonate far beyond Great Eastern, far beyond Singapore, far beyond the world of corporate finance.

It was a lesson about the weight of legacy and the courage required to carry it forward.

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